More on Baidu: Though guidance isn't great, expectations were low. Online ad customers +4% Q/Q...


More on Baidu: Though guidance isn't great, expectations were low. Online ad customers +4% Q/Q and 31% Y/Y in Q4 to 406K (+5% Q/Q in Q3). Revenue/customer was $2,488, +7.6% Y/Y but -3.1% Q/Q (likely to raise eyebrows). Traffic acquisition costs were 9.6% of revenue, up from 8.6% in Q3 - Baidu attributes this to contextual ads and promotions. Bandwidth costs rose to 5.3% of revenue from 4.3% in Q3. SG&A spending +52% Y/Y, R&D +70% (both higher than revenue growth). BIDU -1.1% AH. CC at 8PM ET (webcast). (PR)

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